Words of Wisdom:

"Alas life has become clear, up with the glass, down with the beer" - Albert

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  • Date Submitted: 03/28/2010 04:38 PM
  • Flesch-Kincaid Score: 20.8 
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Commodity chain: Series of links connecting the many places of production and distribution and resulting in a commodity that is them exchanged on the world market.

Developing: With respect to a country, making progress in technology, production and socioeconomic welfare.

Gross national produce

Gross domestic product (GDP): The total value of all goods and service produced within a country during a given year.

Gross National Product (GNP): The total value of all goods and services produced by a country’s economy in a given year. It includes all goods and services produced by corporations and individuals of a country, whether or not they are located within the country.

Per capita GNP: the Gross National Product (GNP) of a given country divided by its population.

Formal economy: The legal economy that is taxed and monitored by a government and is included in a government’s Gross National Product (GNP); as opposed to an informal economy.

Informal economy: Economic activity that is neither taxed nor monitored by a government; and is not included in the government’s Gross National Product (GNP); as opposed to a formal economy.

Modernization model:   A model of economic development most closely associated with the work of economist Walter Rostow. The modernization model (sometimes referred to as modernization theory) maintains that all countries go through five interrelated stages of development, which culminate in an economic state of self-sustained economic growth and high levels of mass consumption.

Context: The geographical situation in which something occurs; the combination of what is happening at a variety of scales concurrently.

Neocolonialism: The entrenchment of the colonial order, such as trade and investment, under a new guise.

Structuralist theory: A general term for a model of economic development that treats economic disparities among countries or regions as the result of historically derived power relations within the global...

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